A commercial umbrella policy protects you when a catastrophe results in losses that exceed your basic liability coverage. In some cases, it can even broaden your protection.
For businesses with above-average risk exposure (high loss potential, high-profile, a global presence, etc.), higher coverage limits may be necessary. In those cases, excess liability coverage can provide extra coverage above and beyond an umbrella policy.
Examples where a commercial umbrella policy might be needed can include:
- A customer falls down in your office, severely injuring themselves in the process. The costs of the injuries exceed the coverage of your general liability policy.
- An advertisement your business placed is deemed misleading, and subject to a class-action lawsuit that exceeds your primary business liability.
- An employee is injured while operating a piece of heavy equipment on the job. They sue the equipment manufacturer, who in turn sues you for an amount that exceeds your business liability coverage.
If you’re not sure about whether you need umbrella insurance, we can help. Contact us today to speak to our professionals and find out whether umbrella insurance is right for your business.